IMPORTANT POINTS:
- Solana has recorded an impressive 380% increase in the last year, standing out as a promising investment.
- Constant developments and innovative partnerships contribute to Solana’s growth and popularity.
- Before investing, it is crucial to conduct detailed research, given the volatility of the crypto market.
With most assets in the cryptocurrency market recording a bullish month, some of them had an exceptionally positive year, particularly Solana (SOL), which has seen an epic rise of almost 380% in the last 12 months, during which went from an area of approximately 20 USD to its current price around 112 USD.
Indeed, Solana has had a very generous year, positioning itself as the fifth-largest asset in the crypto sector by market capitalization. This achievement is due to its constant development and the high returns on investment (ROI) it offers through innovative staking and lending services in the crypto space.
For example, Solana supports SOL lending for non-fungible tokens (NFTs) as collateral, making it one of the few platforms of its kind in the business, and with interest rates of over 180% annual percentage yield (APY). , in addition to the success of its protocol in other areas, including gaming.
Persistent development
Recently, one of the main layer 1 blockchains revealed its second smartphone, already registering more than 100,000 preorders in less than 30 days, through which it has secured financing for further development, unlike its first product which it did not even see. close such demand.
At the same time, Solana partnered with Injective (INJ) to launch a cross-chain naming service that will enable the creation of the first interoperable omnichain domain and allow users to have the same .sol domain, adding to the platform’s appeal and sentiment. bullish for the future.
Additionally, the network has seen an increase in decentralized finance (DeFi) trading volumes in January 2024, and optimism around the Jupiter airdrop could trigger even more activity, contributing to Solana’s dominance among other participants in the ecosystem. DeFi.
Solar price
Solana is currently trading at a price of $109, registering a slight decline of 4.02% on the day. That said, over the last seven days, SOL has increased its price by 5.15%, adding to the most significant gain of 10.02% accumulated in the previous month and an impressive annual advance of 378%, according to data from February 16th.
It is also important to note that TradingView’s weekly technical indicators are also very bullish on Solana, suggesting a ‘strong buy’ at 14 points, through the oscillator summary pointing to a ‘neutral’ at 8 and moving averages (MA) indicating a ‘strong buy’ in 12.
Overall, Solana is demonstrating strength in both the short and long term, thanks to consistent developments and positive sentiment, making it a potentially transformative digital asset to own this year. However, it is always essential to conduct careful research before investing in any asset.
